Stock of the day: CME Group

By Tomasz Wisniewski|

Published: December 06 2022, 12:18 GMT+0

Stock of the day: CME Group

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Tuesday brings us an analysis of the CME Group, a stock that is quite often mentioned at our portal and it will mark the fifth time we take a closer look at the technical analysis of this instrument. The CME Group was previously discussed on September 19. Back then, we were bearish and stating the following:

“Since May, CME was inside of the symmetric triangle pattern (black). The symmetric triangle ended last week, with a breakout to the downside. In addition to the breakout of the lower line of this pattern, CME broke horizontal support at 194.5 USD (yellow). In my opinion, that seals the bearish deal.”

This was a great call as in the following month, the price dropped around 23 USD! Yesterday, however, the price action gave a proper, long-term buy signal. What happened? First of all, the CME broke the long-term down trendline (black). What is more, the price escaped from the ascending triangle pattern and broke its upper line (orange). Currently, we are at the highest levels in the last two months, since October 6 – the bulls are back in action.

The first target is 185 USD (yellow) but with enough momentum, the price can go significantly higher than that. As per usual, we cannot be sure of anything, but the current sentiment is definitely positive.

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